Tuesday preview: Man Group and CSR

23rd Jul 2012 16:00

Hedge fund manager Man Group will report its first-half results on Tuesday morning.According to analyst Stuart Duncan from Peel Hunt, the focus will likely be on Man's outflows over the last quarter from its struggling flagship AHL fund, one of the factors that has more than halved Man's target price since March.Duncan also said that investors will likely keep an eye on whether reductions in the cost base can keep up with the rate of decline in revenue."Consensus expectations have already begun moving significantly lower, reflecting expectations outflows have deteriorated given the uncertain backdrop," he said."There remains a huge number of uncertainties at Man, meaning the current rating of 5.6x [price-to-earnings multiple] is almost meaningless as estimates keep tumbling."Wireless technology and computer chip group CSR will also update the market with its interim figures tomorrow. The stock rocketed nearly 40% in the last week after saying that it will return to shareholders a large part of the proceeds from its handset unit sale to Samsung.In last week's announcement, the firm also revealed that second-quarter sales should come in at the top end of the previous guidance range of $245-265m. Therefore, the focus will likely be on the outlook for the third quarter with sales guidance for the period of $260-280m a little below consensus estimates.INTERIMS APR Energy, Croda International, CSR, International Personal Finance, Man Group, Norsk Hydro ASA, OJSC Magnit GDR (Reg S), Provident Financial INTERNATIONAL ECONOMIC ANNOUNCEMENTS BBA Mortgage Lending Figures (09:30) House Price Index (US) (15:00) Q2 CSR, Norsk Hydro ASA, Virgin Media Inc. FINALS PZ Cussons ANNUAL REPORT Vertu Motors IMSS Carpetright, Daily Mail and General Trust A (Non.V), Great Portland Estates, Halma, Sage Group AGMS Aberdeen All Asia Inv Trust, Aqua Bounty Technologies Inc. (Reg S), Downing Planned Exit VCT 3, Downing Planned Exit VCT 3 'A' Shares, Downing Planned Exit VCT 3 'C' Shares, Downing Planned Exit VCT 3 'D' Shares , Downing Planned Exit VCT 3 'E' Shares , Downing Planned Exit VCT 3 F Shares, Fidelity China Special Situations , Halma, Helical Bar, New World Oil And Gas, Scapa Group, Tau Capital, TR Property Inv Trust, TR Property Inv Trust Sigma Shares, Ventus 2 VCT, Ventus 2 VCT 'C' Shares, Ventus VCT, Ventus VCT 'C' Shares, Vertu Motors, Vodafone Group TRADING ANNOUNCEMENTS APR Energy, Kofax FINAL DIVIDEND PAYMENT DATE Fuller Smith & Turner BC